Italian American Club Foundation Inc
- Assets
- $985.7k
- Revenue
- $332.5k
- Investments
- $0.0
- Employees
- 25
- Location
- Minneapolis, MN
- Founding
- 11/1983
- Data as of
- 06/2020
- EIN
- 41-1440206
Organization Overview
Italian American Club Foundation Inc is located in Minneapolis, MN. The organization was established in 1983. According to its NTEE Classification (B28) the organization is classified as: Special Education, under the broad grouping of Education and related organizations. As of 06/2021, Italian American Club Foundation Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Italian American Club Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2020, Italian American Club Foundation Inc generated $332.5k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $315.5k during the year ending 06/2020. While expenses have increased by 6.3% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SCHOLARSHIPS & GRANTS
Describe the Organization's Program Activity:
THE ITALIAN AMERICAN CLUB FOUNDATION PROVIDES SCHOLARSHIPS AND GRANTS TO INDIVIDUALS AND CHARITABLE ORGANIZATIONS IN THE COMMUNITY THROUGH AN APPLICATION PROCESS. THE GRANTS ARE PROVIDED TO CHARITABLE ORGANIZATIONS THAT QUALIFY AS EXEMPT UNDER SECTIONS 170(C)(2) AND 501(C)(3) OF THE INTERNAL REVENUE CODE. SCHOLARSHIPS FOR FY 6/30/21 WERE DISTRIBUTED TO 71 INDIVIDUALS FROM THE STATE OF MINNESOTA FOR POST-SECONDARY EDUCATION. IN ADDITION, MANY NOT-FOR-PROFIT TYPE ORGANIZATIONS AND CIVIC GROUPS RECEIVED MONEY FOR WORTHWHILE CAUSES. SPONSORED EVENTS INCULDED A GOLF TOURNAMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Scalise Gambling Manager | Trustee | 40 | $72,000 |
Peter Chiodo Treasurer | OfficerTrustee | 10 | $7,200 |
Nick Villella Director | Trustee | 5 | $5,400 |
Dean Bona Vice President | OfficerTrustee | 1 | $0 |
Bob Brama President | OfficerTrustee | 10 | $0 |
Ron Lawerence Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,975 |
| Investment income | $25,476 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $284,692 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $332,523 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $159,250 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $778 |
| Office expenses | $3,720 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $156 |
| Interest | $54 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $573 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $315,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $77,337 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,220 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $902,449 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $985,663 |
| Accounts payable and accrued expenses | $179 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $179 |
| Net assets without donor restrictions | $985,484 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $985,484 |
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